Nok Airlines (NOKPF) Stock Crashes 90%: What’s Going On?

Nok Airlines Public Company Limited (OTCMKTS:NOKPF)  is witnessing a tough day as the stock is the biggest loser on Friday’s trading session.

Nok Airlines (NOKPF) Stock Crashes 90%: What’s Going On?

The stock opened almost flat and gradually seeing selling pressure, especially in the past couple of hours. At the time of writing, NOKPF stock has lost 89% to 22 cents. In other words, the company has eroded almost $120 million of market capitalization in just one day.

The Thai airline company has been struggling to run their business amid growing fear about the Covid-19 as the tourist industry is severely hurt by a huge fall in tourism demand. Moreover, the recent surge in virus cases in the Kingdom looks likely to scupper the country’s plans to reopen to tourists this year – something airlines had been banking on to lead them out of the downturn.

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Despite so much going on, the stock has seen a roller coaster ride this year. The stock went up from 4 cents to as high as $13.40 in March. However, the rally could not sustain as fundamental of the company does not support and the stock has moved back to 22 cents in today’s trading session.

 

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.